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of the fiscal cliff. we asked each side what they would be willing to cut to make sure your taxes don't go up. plus, it isn't a wild safari, this is staten island. how these two pulled off the greatest scape. [ woman ] ring. ring. progresso. in what world do potatoes, bacon and cheese add up to 100 calories? your world. ♪ [ whispers ] real bacon... creamy cheese... 100 calories... [ chef ] ma'am [ male announcer ] progresso. you gotta taste this soup. this bible changed the world. i'm kirk cameron. four hundred years ago our forefathers risked their lives to bring this bible to the shores of america. because it contained the principals for economic liberty, political liberty and religious freedom. the 1599 geneva bible. it was the first complete english translation, complete with chapters, numbered verses and 300,000 utterly unique study notes. it actually came out before the king james version and because the government didn't authorize it, it was outlawed. but it was a bible by the people, for the people, the book that built america. and now for the first time in 400 years it's available
in the impending tax hikes and budget cuts. focusing on a particular issue of the fiscal cliff. each day. this morning's focus was on the payroll tax cut. continues. host: joining us now is kim dixon, a tax policy correspondent for reuters. this is part of our series on the so-called fiscal cliff. today we're looking at the issue of the payroll tax cut. kim dixon, when did the payroll tax cuts issue come into effect? guest: about two years ago at this time. expiration of the bush-era tax cuts that began in 2001 were set to expire. republicans control the house. president obama wanted to continue them for everybody except those in the top 2% tax rate. --wasn't ended the year deal it was an end-of-the-year deal. the obama administration was looking for the stimulus measure. they thought it would be hard for republicans to oppose a tax cuts. host: the money rigidly was going where -- the money originally was going where? guest: going to the social security trust >> we take you live now to the u.s. capitol and house speaker john boehner. >> the president has warned us about the dangers of go
off the fiscal cliff because that takes cuts straight across the board. >> it does. it makes those cuts across the board. new mexico will actually feel enormous impact. unfortunately, new mexico depends significantly on federal dollars. we have four military bases here in new mexico. we have two national labs that are very important to our national defense, and so we could possibly lose 20,000 jobs. >> greta: health care exchanges. you're setting them up. some republican governors are not. why did you decide to set them up? >> well, we're moving in that direction but we're still negotiating with the federal government, and we're negotiating for flexibility. we're negotiating for what is best for new mexicans instead of the one size fits all that's coming from washington, dc. where can we be flexible that best serves newmexicans. we've asked many questions of the president and we're hoping for answers it's been several months that we've been asking these questions and haven't received responses, but if at the end of the day the responses are not what benefit new mexicans, we can alw
the fiscal cliff. but without spending cuts an entitlement reforms it will be impossible to address our country's debt ace crisis and get our economy growing again and create jobs. right now all eyes are on the white house. our country doesn't need a victory lap, it needs leadership. it is time for the president, congressional democrats, to tell the american people what spending cuts they're really willing to make. with that i will take a few questions. >> speaker boehner, why would you not tell democrats what spending cuts you would like to see -- [inaudible] >> it has been very clear over the last year-and-a-half. i've talked to the president about many of them. you can look at our budget. where we outline very specific proposals that we passed in last year's budget and the budget from the year before. we know what the menu is. what we don't know is what the white house is willing to do to get serious about solving our debt crisis. >> [inaudible]. >> listen, i'm not going to get into the details but it is very clear what kind of spending cuts need to occur but we have no idea what the
. >> tonight, richard wolffe on today's nonsense from republicans and where a deal on the fiscal cliff stands. and former health insurance executive wendell potter on what obama's proposed $340 billion in medicare cuts will mean for seniors. >>> vice president joe biden stumps for the middle class at a retail store that treats its workers right. i'll talk costco and fiscal cliff with steve greenhouse of "the new york times." >>> plus hostess executives tank their company and cost the people their jobs. so why are they still demanding millions of dollars in bonuses? >>> and we'll tell you how senator john mccain fits in with congressman louie gohmert's latest conspiracy theory. >> this administration sent planes and bombs and support to oust gadhafi so al qaeda and the muslim brotherhood could take over libya. >>> good to have you with us tonight, folks. republicans are walking tall in public but hanging their heads behind closed doors. john boehner struck a defiant tone during a news conference today. he blamed the president and democrats for stalling negotiations on a debt deal. >> despite t
the fiscal cliff prospect is the commendation of tax increases and spending cuts across the board and how they would have negative impacts. so we need to do it in a smart way. even as we find savings, we need to make targeted investments and we need to do things that help our economy and the long-term. >> [inaudible question] >> it is not specifically designed for that. it is the president's broader approach this. significant savings need to be where we can get them, a trillion plus in the budget control act, an additional $600 billion in savings but ford is part of the proposal. and also revenues from the wealthiest 2%, coupled to make the economy grow. it is stronger growth, stronger job creation. as a principle, deficit reduction done well and done right is positive for the economy. >> on the subject of israel, in the last few weeks, you asked about -- [inaudible] [inaudible question] the u.s. has been very steadfast to stand by israel. i'm wondering in light of that, are there any statements that have gone out in regards to what the president has done to express this and what the isra
a fiscal cliff deal. the first read team is asking the question how big of a deal will we see? governor christie meets with president obama this time at the white house, and it is just one of the things we thought you should know. be sure to check out our "news nation" tumblr page. you find behind the scenes pictures, and thank you for checking it out and liking our pictures. ♪ ♪ [ male announcer ] campbell's green bean casserole. it's amazing what soup can do we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. [ man thinking ] oh, this gas. those antacids aren't working. oh no, not that, not here! [ male announcer ] antacids don't relieve gas. gas-x is designed to relieve gas. gas-x. the gas xperts. bp has
a deal on that fiscal cliff. just 31 days left until we hit those $7 trillion in automatic spending cuts and tax increases if negotiations break down. and both sides of the aisle are going straight to the public in order to plead their case, or rather tell us why the other side is to blame. this is president obama in his weekly radio address. >> both parties say we should keep middle class taxes low. the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. and if we can just get a few house republicans onboard, i'll sign this bill as soon as congress sends it my way. but it's unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest americans. >> in the republican response, senator orrin hatch takes th s hostage metaphor one step further and brings to mind a memorable movie scene. >> unfortunately, some on the other side of the aisle are offering a disastrous thelma and luiz strategy that would take u
the president for adopting the fox news slogan there and as we get closer to the fiscal cliff, both sides seem to be standing tough and what about the coverage, jim in. >> i think the debate overall that began with simpson bowls saying we should roughly have tax cuts, tax increases, pardon me, and spending cuts and so the media narrative is sort of, can we get simpson bowls through a recalcitrant republican congress? and what's changed though, i think it's really a role call, daniel new house and mary anne shiner, says simpson and bowls are no longer part of the discussion and it's now morphed into the tax increase and democrats lost interest in the taxing and can we put them on compromise on simpson-bowles and i think so far, the media with exception of a few reporters haven't caught on, but we see charles krauthammer, andrea tantaros, watch out. you're being snookered. >> and pushing republicans towards tax increases and john boehner said we're up for revenue-- >> as several have pointed out the democrats won the election and that means that there are consequences and financial consequences
cuts immediately, avoid the biggest part of the fiscal cliff. we can get all the democrats to sign it. we'll probably need 26 republicans to sign it, and if we can get 26 republicans. >> what is the likelihood of that? >> as you've heard, a growing number of house republicans like tom cole of oklahoma have said na it makes sense to proceed with what we can already agree on. if they agree to extend middle class tax cuts, here's their opportunity. i think you're going to see growing pressure. i'm sure the spoker of the house will tell his members not to sign athat petition. it will provide a very clear signal as to whether or not people really support an extension of the middle class tax cut. that's how to get it done now. >> you referred to congressman cole, who was on the sunday morning programs. he was one of the first vocal republicans in the house to say there needs to be a resolve here. he also pointed the finger at the president if you will regarding leadership with entitlements reforms. we know secretary geithner said that that the gop needs to make a move regarding a proposal w
isn't even a start. six governors, democrats, and republicans weigh in on the fiscal cliff today. what will they tell president obama about the spending cuts and tax increases now just 28 days away? >> we must reign in our out of control spending. >> reporter: republicans have an offer, $800 billion in new taxes, half what the president wanted. $600 billion saved in part by making americans wait until they're 67 to get medicare. plus more cuts totalling $2.2 trillion. but no tax hikes for the wealthy. >> that's just not going to happen. >> reporter: the pentagon could take the biggest hit from president obama told defense experts monday, don't worry. >> even as we make very tough fiscal choices, we're going to keep investing in these programs. >> reporter: he went online on youtube and twitter explaining why he thinks the rich should pay more. going over the fiscal cliff could cost america jobs. >> we're only expanding 2% right now. it needs to be considerably higher to bring more people off unemployment. >> reporter: for the jobless, president obama is asking congress for millions mor
is willing to do. >> beware, there's a fiscal cliff ahead, but there's still no plan from the president on how to cut spending. >> made a mistake, but i didn't. almost 18, almost 20 years ago. >> a former democratic representative who was convicted of having sex with an underage girl says he's back, and he's running for congress. all of that, plus a shocking new report that gitmo detainees may be coming to america. "hannity" starts right here, right now. new troubles for u.n. ambassador susan rice this as questions surface about her time at the state department when al-qaeda bombed two african embassies in the late '90s, and how the situation parallels what happened prior to the terror attack in benghazi that left four americans dead. yesterday republican senator susan collins met with ambassador rice for 90 minutes, and after the closed-door meeting the senator questioned rice's role at the state department back in 1998 when she served as the assistant secretary of state for african affairs in the clinton administration. watch this. >> those bombings in 1998 resulted in the loss of lif
, or fiscal cliff 1.0. tax cuts were about to expire. the democrats did not want to extend all of the tax cuts. harry reid was trying to create an impression that it was the time that republicans were obstructing the process, obstructing what the democrats wanted to do. what he was trying to do was set the agenda and create an environment so he could win politically. he set up after this quotation a rare weekend session in the senate where he had two votes . no republican amendments were allowed, and he showed republicans were obstructionists and would not go along with what he thought was good for the country. this was a ploy designed to shift attention from the democrats' ability to go along with what republicans wanted to do to republican saying they did not want to do what democrats wanted to do. he was seeking to control the agenda. that is the real issue here. there are times when minorities of both parties will obstruct the majority because they need or want to. the real issue in the debate today is one of agenda control. -- we have a way to think about this. in political science, if yo
. >>> with the government's fiscal cliff looming social security employees protest budget cuts in baltimore city yesterday. they're urging lawmakers to come to an agreement that does not include cuts in social security jobs and services. >>> and stay with wjz 13, maryland's news station. up next a pair of new problems for boeing 787 jet liner. plus tandem base jumpin >>> welcome back to cbs "this morning." boeing's new 787 dream liner is often called the airplane of the future. at mark strassmann reports, the ride continues to be a little bumpy. >> reporter: when the united airlines became the first carrier to add the boeing 787 to its fleet last month it looked like clear skies ahead for the next generation aircraft. this week a pair of setbacks as one plane was forced to make an emergency landing in new orleans and the federal aviation administration issued an order all 787s be inspected for fuel leaks. >> every 787 mp manufactured will have problems in its initial production. >> reporter: united says the emergency landing in new orleans tuesday was caused by the failure of one of si
leadership says he thinks president obama wants to go over the fiscal cliff by proposing higher taxes, no spending cuts and no plans to save entitlements. with president obama going to pennsylvania today, the house republican whip, kevin mccarthy's office put out a video profiling a small business nearby in pennsylvania that would get hurt by a tax hike. >> i'm jerry gorsky from an engineering company. however good or bad we do is my income. this notion of $250,000 being top 2% or the wealthy people in america ignores the way most small businesses work in america. >> reporter: i mentioned president obama is going out on the trail, if you will in pennsylvania to sell his arguments. one would expect we would hear some sort of response from speaker john boehner after that. jon. jon: what are the democrats saying? i mean about these g.o.p. complaints? what is your response? >> reporter: they are saying republicans if you don't like the president's plan, where is your own plan? they are asking for specifics on revenue in terms of tax revenue. they are also asking for specifics on what repu
. they are understanding it as we get closer to the fiscal cliff. >> it says a signal to people that the senate passed tax cuts for 98% of americans but they won't do it in the house. that was before the election. and i just holding the ground is going to be important, no question about that. i get a sense the democrats are unified. but going over the cliff, that affects the constituents big time. correct? >> how do you hold that together? >> there's unanimity that july 25th, we passed tax cuts for the 98% to continue this tax policy that they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep saying no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect elizabeth warren, a champion of financial reform, will get a spot on the banking committee. >>>
talked about the so-called fiscal cliff and his proposal to end the bush era tax cuts. he spoke at a manufacturing facility in hatfield, pennsylvania, for about 25 minutes. >> thank you! [cheers and applause] >> well, good morning, everybody. everybody, please have a seat, have a seat. relax for a second. it is good to see all of you. hello, hatfield! it is good to be back in pennsylvania and it is good to be right here at connects. i want to thank michael airington and the inventor of connects, joel glickman, for hosting me today. where'd they go? stand up so everybody can see you guys. there you go! i just noticed, we got a couple of outstanding members of congress here. chaka pata, and allison schwartz. i just finished getting a tour of the connects workshop. i have to say, it makes me wish that joel had invented this stuff a little sooner when i was a kid. back then, you couldn't really build a rollercoaster out of your erector set. i also got a chance to meet some of the folks who have been working around the clock to keep up with the christmas rush and that's a good thing.
there and as we get closer to the fiscal cliff, both sides seem to be standing tough and what about the coverage, jim in. >> i think the debate overall that began with simpson bowls saying we should roughly have tax cuts, tax increases, pardon me, and spending cuts and so the media narrative is sort of, can we get simpson bowls through a recalcitrant republican congress? and what's changed though, i think it's really a role call, daniel new house and mary anne shiner, says simpson and bowls are no longer part of the discussion and it's now morphed into the tax increase and democrats lost interest in the taxing and can we put them on compromise on simpson-bowles and i think so far, the media with exception of a few reporters haven't caught on, but we see charles krauthammer, andrea tantaros, watch out. you're being snookered. >> and pushing republicans towards tax increases and john boehner said we're up for revenue-- >> as several have pointed out the democrats won the election and that means that there are consequences and financial consequences that flow from that, and if the president wants 1
as part of a balanced approach to deficit reduction and the fiscal cliff. he will not accept a deal that has specific cuts in spending, in entitlement programs that asks middle class americans, seniors who need loans, disabled children to pay a price on the one hand, and the promise, the vague promise, the unspecified promise of a revenue that appears from wealthier americans in the future. that's not a deal the president will not sign. >> i understand the process and what the white house is looking for from republicans, but i'm asking about the president's position. a yes-or-no question. his position that the tax rate has to go to 39.6% on january 1. >> he will not sign the bush tax cuts for wealthy americans. they have rates for top earners at 35%. if you don't sign it, it's up to 39.6 #, the top rate. that's a fact. secondly, he has not seen a single proposal or acknowledgement that a proposal is necessary or will be forthcoming from republicans that even it would be part of the balanced deal. we are now where we are in december, and we need congress, republican leaders in congre
stories day after day on the so-called fiscal cliff often omit that the senate has passed legislation to shield 98% of families and 97% of small businesses from the income tax part of this so-called fiscal cliff. we passed the middle-class tax cuts act on july 25 of this year and we sent the measure to the house of representatives. did speaker boehner and the republicans in the house promptly pass this popular bill and send it to president obama for his signature? did they move to protect 98% of middle-class families from this tax hike in january? no. no. they decided to hold the middle-class tax cuts passed by the senate hostage in an attempt to push for tax cuts for the folks they care the most about, the top 2% of highest earning households. republicans fighting for millionaires and billionaires is not a new story. in 2001, president george w. bush decided to spend a large portion of the surpluses he inherited from president clinton to cut tax rates. many democrats opposed him then because the tax cuts were unfair, favoring the highest-income americans. to overcome that obstacle, t
, and in many respects, it was a situation like today. it wast( the prefiscal cliff or fiscal cliff 1.0 #. the 2001 tax cuts about to expire. senator reid on the floor, the democrats did not want to extend all tax cuts, just some of the tax cuts, and he was trying to create an impression that, at the time, that republicans were obstructing the process and what the democrats wanted to do, but in reallots what reid was trying to do, i believe, was set the agenda and create an environment so that he could win politically and set up after the quote, a rare weekend session in the senate where he had two votes, no republican amendments allowed, and he set this up to show that republicans were obstructionists, and that they would not go along with what he said was good for the country, and this was a public relations ploy designed to shift attention from the democrats inability to come along with what republicans wanted to do, which is fine, their prerogative k to republicans saying we don't want to go along with what the democratsment to do. in short, he was seeking to control the agenda, a
during fiscal cliff negotiations, we're not seeing much in terms of a deal. the latest roadblock is the cost of federal retirement programs. republicans are staying is up to the president to cut back on medicare medicaid and social security but democrats want entitlement programs completely off the table. today, the white house is sending treasury secretary timothy geithner and congressional negotiator rob neighbor to capitol hill where they will lay out their proposal with speaker boehner. more bill press is coming up after the break. as always, we're live in our chat room and would love to see you there. we're right back. you're about to watch a viewer created ad message for little caesars who proudly salutes unites states veterans everywhere. >> hi, i'm rick loz. i joined the united states air force in 1987. as i was leaving the service i went into a civilian career for a little bit but i was looking for a little bit more than what the civilian career had to offer me and that's when learned about the little caesars
evening. it's 10:00 on the east coast and we begin with brooking news on the looming fiscal cliff. and signs of a potential fall. for the past few nights we've been telling you about the frustrating lack of progress to avert a deal on automatic tax hikes and spending cuts that kick in less than four weeks from now. poll after poll shows the american people want compromise. but there weren't many signs that was going to happen, nothing was getting done. in a cnn/orc poll taken a few weeks ago, 67% said washington officials would behave like spoiled children in the fiscal cliff discussions. only 28% said they would behave like responsible adults. tonight, signs that maybe some adult behavior might be prevail. and a compromise might be reached. joining me now live is senior white house correspondent dana bash, jessica yellin and david gergen. what's the latest? what are you hearing? >> reporter: they are a long way from a deal. but late today speaker boehner and president obama did speak to one another on the phone. now, this is an important development because it's the first time th
in 2016. one of the two big issues is the fiscal cliff where, once again, they are the party of the wealthy defending the 2% against getting a tax cut. maybe they will have to get into it eventually. but there are going to be weeks and weeks before they give into them of defending the wealthy. not a good look. and what's the other big story of the week? susan rice, where they are wrongfully attacking a person who has done nothing wrong. they are not searching for answers. they are searching for demonizing a black person. who has done nothing wrong. it doesn't look good and pushes blacks and women to say this party doesn't represent me in any way. plus, what's the other big issue that they need to get around on? immigration. issues that matter to latinos. are they doing anything positive? not repels latinos, as mike murphy said. no, they don't. they don't even discuss the issues going forward. i think the party is looking exactly where it was right before they lost. >> and i don't think anyone is calling anyone racist. i think you are really playing to your weaknesses when you
discretionary cuts. we are particularly excited doing a lot of work on the fiscal cliff. we talked about medical savings through the programs, address rising national expenditure. will have more to say on taxes, but we are ecstatic to have senator durbin here today who has played such a fundamental role over the last several years. been part of literally every negotiation that has taken place. he still an optimist, so i think that is a sign of progress. he has had a long history of being a champion and advocate for the middle class. he has carried that advocacy in the budget negotiations. part of the cu -- subcommittee, the gang of eight, became a six, almost every game that has been involved in these issues, and, but i think most importantly he has been a fighter for what's right and for having a plan that really stands true to the back of the american people and the people who voted and waited in line for hours, people who want a fair shake out of washington. and so, as a champion of that fair shake i'm excited to have senator durbin. [applause] >> neera, thank you very much for those kind wor
'll discuss the implications of the fiscal cliff, and what happens if we don't get some work done by the house to pass the middle-income tax cut. we have to continue to focus on middle-income families, their lives, their struggles and what we can do to ensure they have more dollars in their pocket to continue economic growth. with that, mr. president, i will yield the floor. and note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: mr. schumer: mr. president? the presiding officer: the senator from new york. mr. schumer: i ask unanimous consent the quorum call be repealed. the presiding officer: without objection. mr. schumer: thank you, mr. president. first i want to thank my great colleague from pennsylvania, i enjoyed sharing a table last night with him and his beautiful, charming, intelligent wife, who he's lucky he would be the first to admit he's lucky to have married, and their four great girls. but second, thank him for his excellent, as usual, on-target remarks. we have a great chairman of the j.e.c. and every time he comes to the floor, it sh
in mandatory across-the-board spending cuts over one year, to drag our nation over the so-called fiscal cliff. what those tax increases mean to an average american family of four earning $50,000 a year is over $2,000 in higher income taxes. add to that expiration of the alternative minimum tax patch, new taxes mandated by the federal health care bill, and the reinstatement of the death tax, which will impact the next generation of farmers, ranchers, and small business owners, which americans will see the largest tax increase in the history of our country. if all of this happens, the congressional budget office predicts the nation's economy will shrink next year and the unemployment rate could rise again. in other words, we go back into recession. i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue by reforming our tax code. that means closing loopholes and limiting deductions. by closing loopholes and lim
by spending cuts at the first of the year. part of the so-called fiscal cliff. former chairman of the joint chiefs of staff, mike mike mullen, was joined at how services committee. this is a less than an hour. >> good afternoon. thank you for coming. my name is peter peterson. i would like to give you a review of why we are supporting this project today. starting about 30 years ago, after studying the profound demographic trends, on the vast and unfunded promise we have made. i have decided was not unsustainable, but a primary threat to the future. speaking of unsustainable, in the nixon white house in which i served, the chairman of the council, if something is unsustainable, he says it continues to stop. or if you don't like that, if your worst eyes, i suggest that you does not dismount. in lieu of that retirement, i decided to set up the foundation to increase awareness of long-term debts and get solutions. never in my experience have these things are more closely linked, in the words of mike mullen. we are endlessly reminded that everything must be on the table, including defense, which
secretary said the white house is, in fact, ready to go straight over the fiscal cliff. >> if you're really going to be serious about deficit reduction, it can't just be about taxes. it has to be about spending cuts, too. >>> prince william's wife catherine is out of the hospital after treatment for acute morning sickness. >> reporter: we were told from the beginning that this hospital stay would last 18 days and that's exactly what it turned out to be. >>> software developer john mcafee is no longer a fugitive, arrested in guatemala a month after his neighbor in belize was murdered. >>> the creators of cell phone technology pinpointed mcafee's location. police didn't know where he was. >> reporter: now that marijuana is legal here in washington, the state is going to start collecting taxes on it. >> "gangnam style." >> there is no one in political life funnier than alan simpson. >> mayor michael bloomberg announced that new york will hold a contest to redesign the city's pay phones. yeah. the top prize, a brand-new walkman. >> announcer: the "eye opener" a
over the fiscal cliff. if you're really going to be serious about deficit reduction, it can't just be about taxes. it has to be about spending cuts, too. >> prince william and wife catherine is out of the hospital after being admitted for acute morning sickness. >> told the hospital stay would last at few days and that's exactly what it turned out to be. >>> software executive john mcafee no longer a fugitive. arre arrested after his neighbor was murdered. >> police didn't know where he was. >> now that marijuana is legal here in washington, the state will going to start cleshgting taxes on it. >> gangnam style. >> there is no one in political life funnier than alan simpson. >> mayor michael bloomberg announced new york will hold a contest to redesign the city's pay phones. now, a brand new -- >> "eye-opener" at 8:00 is brought to you by the aarp. >>> i'm charlie rose with gayle king and norah o'donnell. this morning, prince william's wife catherine is back home in london after three days in the hospital. >> the pregnant duchess of cambridge was being treated for an acute form of m
with president obama and the democrats that we ought to climb down off this fiscal cliff in the next five minutes and pass what the senate passed, which is to renew all the bush tax cuts and go back for those over 250,000 to the rates of bill clinton. that's what we passed here. that will bring us almost a trillion dollars over ten years. that will get us to climb down that cliff. then we have got other parts of the cliff, there's no question about it, the automatic sequester. i think it's easy to deal with that by bringing home some of the overseas account money and applying it to the sequester and getting rid of at least half of that sequester, maybe all of the sequester. but no, you're going to listen to these speeches every day about how we're obsessed with taxes. what are you talking about, obsessed with taxes? i'll tell you what i'm obsessed about. i'm obsessed with the fact that we passed here a tax cut for 98% of the american people and our friends are so worried about the millionaires and the billionaires that they will not allow that bill to be voted on in the house. so people can stand
and more at our special webpage cliff. now to the senate side of capitol hill for gos on the pending tax hikes and budget cuts. >> there's enough writing on the walls to fill quite a few pages about republicans deciding the right thing to do is protect the middle class. and we need to do it now. it's really important that this holiday season that the middle class is not going to be burdened with the thought that they may hit a $2,200 a year tax increase. there have been positive developments this week. we've had a list of republicans that have decided clearly that the best interest of the american people is to pass the bill we passed here last july, confirming the tax cut continues for the middle class. i think that the proposal we have from mitch mcconnel this morning is to avoid a debt ceiling battle that cost our economy billions of $s. he came up with the requested in the first place. enge that's good, to give the president authority to raise the debt. so i think if what we need to do is look at his proposal. i just got it from my staff. we're going to have some me
issues we have to work out? we know there is broad agreement that going over the so-called fiscal cliff would jeopardize the economic recovery. it would do that by increasing taxes on families, halting employment growth, driving unemployment up instead of down, triggering a deep cuts to programs that families across the country count on. the job before the united states congress is to reach an agreement that builds on the economic progress that we are making, and puts us on a path to fiscal stability. we need to cut more spending, and generate more revenue. we need to do it in a smart way that keeps our economy growing. earlier this year, congress extended the payroll tax cut through 2012. the two percentage point payroll tax cut has played an important role to sustain the recovery. boosting economic growth by an estimated 0.5% of one percentage point, and creating 400,000 jobs. we should continue the payroll tax cut through 2013, and yesterday i introduce legislation that would keep the employee payroll tax at 4.2% next year. to keep the economy growing -- there is good evidence of tha
would try to suggest the fiscal cliff is not a big economic problem. it is. it would be deeply irresponsible, as steve said, to create a recession through lack of political action. the immediate question -- we want to extend them for most people. but we also want to do is engage in tax reform that would ultimately produce lower rates even potentially for the wealthy. something the president called for in the campaign -- making the tax code simpler and clearing out a lot of loopholes. there is a certain amount of revenue you will have to get to put us on the right physical path. there is a number that roughly as agreed to that any bowles- simpson, and the fiscal experts said you had to get to. the expiry of the bush tax is not the end of the story. we have to engage in a comprehensive tax reform. we need to engage an entitlement reform. medicare, medicaid, the chief drivers of our president -- deficit. we made a lot of progress, but there is still spending we have to cut. the big bottleneck is republicans in congress on revenue and how much they're willing to come from. democrat
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